How To Price A Damaged House | Fire Cash Buyers

Published on May 08th, 2023

There are many homes on sale on the market today, but few are priced correctly, especially when it comes to fire-damaged properties caused by house fires. This is because sellers and their agents, along with realtors and appraisers, do not understand how to price a fire-damaged home the right way, considering things like market value, flooring, kitchen appliances, insulation, and windows in their assessment. Consequently, the figures presented are often inaccurate.

They think that they should price it low based on the damage that has been done, but this is not correct. In this article, we will go over how to price a fire-damaged home correctly to get the most money for it without having to wait too long. This knowledge is essential for both the buyer and the seller, the realtor involved, and even the appraiser, as it can also have a significant impact on insurance companies and their willingness to cover the property.

We give free cash offers, especially when a homeowner says loud and clear, "I want to sell my fire-damaged house." Click any form and fill out the details, and we'll give you a call, adding a personal touch to the process. If you're wondering how to sell a house damaged by fire, our team is here to guide you every step of the way.

Pricing A House That's Been Damaged By Fire

The first step in pricing a house damaged by fire is to have it inspected by a licensed contractor, adjustor, or appraiser. The contractor will be able to give you a cost estimate for the fire structural repairs, as well as any additional work needed to rebuild the house, remove ash and char, and address the heat and smoke damage that need to be made. Once you have the forecast, you can price the house based on its value after making the repairs.

What Factors Influence The Cost Of Fire Damage Remediation?

The most important factors that go into the cost of fire damage restoration are the size of your home and the extent of the damage. Other factors include:

• The severity of the fire.
• The age and condition of the house.
• The house's location.

1) Size Of The House

The size of the house is one of the most critical factors in determining how much it will cost to restore it after a house fire. The larger the home, the more damage there is likely to be, and the more expensive it will be repaired.

2) Extent Of Damage

The extent of the damage is another important factor in determining the cost of fire damage restoration. The more damage is done, the more expensive it will be to repair.

3) Severity Of Fire

The severity of the fire is also a significant factor in determining how much it will cost to restore a home. The more severe the fire, the more damage is likely to be, and the more expensive it will be to fix.

4) Age And Condition Of Home

The age and condition of a home can also affect the fire restoration cost. A newer home in good condition is likely to be less expensive to restore than an older home in disrepair.

5) Location Of Home

The location of a home can also play a role in the cost of fire restoration. A house located in a rural area is likely to be less expensive to restore than a home located in a city.

When pricing a fire-damaged house to sell your fire damaged house fast, consider the extent of the damage and the repairs that it will need. To ensure you get the most accurate estimate, it may be helpful to consult with a contractor or real estate agent who specializes in fire damage restoration, such as a realtor or appraiser. Additionally, be sure to factor in any residual smoke or water damage and the cost of replacing any lost or damaged possessions.

1) Assess The Extent Of The Damage:

The first step in pricing a fire-damaged house is to assess the extent of the damage. It includes both significant structural damage and any damage to belongings or furnishings.

2) Factor In Repairs That It Will Need:

Once you have a good idea of the extent of the damage, you will need to factor in the cost of repairs that it will need. It can include repairing or replacing damaged walls, ceilings, and floors and fixing any wiring or plumbing destroyed in a fire.

3) Consider Residual Smoke Or Water Damage:

Smoke and water damage can often be as costly to repair as fire damage. Make sure to factor this into your estimate, especially if the house has been exposed to either for an extended period.

4) Consider Replacing Lost Or Damaged Possessions: 

In addition to repairing the structure and cleaning up any smoke or water damage, you may also need to replace any lost or damaged possessions. While assessing the cost, factor in the potential increase or decrease in market value as a result of the needed repairs, ensuring a fair price for both the buyer and the seller. This can add up quickly, so make sure to budget accordingly, especially when making decisions related to housing and investment. It is essential to conduct thorough research and compile a list of all possible expenses, including roofing repairs, to guarantee a comprehensive budget plan.

5) Factor In Your Time And Labor Costs:

Repairing a fire-damaged house, whether it's a small kitchen fire or a larger disaster, can be a time-consuming process. Make sure to factor in your labor costs when pricing out the project, and consider the need for fire extinguishers and an HVAC system to prevent future incidents.

Fire can cause different types of damage, each with a unique repair cost. The cost of fire damage restoration will vary depending on several factors, including the extent of the fire damages, potential costs in water cleanup, chemical repair of extinguishers, soot removal, and smoke damage restoration. A portion of your asking price may depend on this investment.

1) Smoke Damage Cleanup Cost

Smoke can be very harmful to your home and yourself. It causes pollution and smells bad. Furthermore, smoke can pass through materials and fabrics, making it difficult to remove. However, there are numerous ways to remove smoke and restore the smell of your home.

Smoke odor removal can be a difficult task, especially when dealing with any fire damage from the roof to the floor of your property. Getting rid of exhausting odors can be a challenge in cases where the damage is extensive. Ozone treatment can break it down and remove strong smoke odors at their source, whereas thermal fogging treatment can eliminate smoke from clothes and personal zones in your home. Smoke damage repair can be expensive to clean up, with market values ranging from $200 to $4,000. It's essential to consult with experienced real estate agents or other professionals when dealing with such damages.

2) Water Damage Cleanup Cost

Water is useful for putting out fires in your house, such as a home fire. However, if it's not properly dried out afterward, it can lead to damage like cabinets and wet ceilings, water stains, and mold. Mold infestation and water damage can cause a lot of damage to your property. If you want to prevent further damage, you should get water damage restoration services. There are a few ways to dry out your home after being flooded. One is to extract surface water and then dehumidify your home. The last step is to deodorize. Mold removal can cost anywhere from $1,000 to $6,000.

3) Structural Damage Cleanup Cost

You may need to buy or repair drywall, carpet, and furniture when rebuilding after a fire. The cost range will depend on how many items you need to fix and the overall impact on your housing investment.

4) Soot Damage Cleanup Cost

Soot can damage your walls, ceiling, and floors and can lead to permanent damage if left untreated. The average cost of soot damage restoration is $400 to $6,000. However, oily soot cleanup, a by-product of a grease fire, is often more expensive than dry soot, caused by fast burnt material removal.

5) Fire Damage Cleanup Cost

Fire damage can be very destructive. All items that the fire comes in contact with can be damaged, and the fire itself can be hazardous when it mixes with harmful chemicals. Cleaning up after a fire is a labor-intensive task that requires careful attention to detail. Fire damage cleanup costs typically range from $50 to $100 per pound.

Fire damage is often covered by homeowners insurance. The amount of coverage, though, depends on the specific policy. For example, if a policy covers the "face value," the insurer will only compensate the homeowner if the item is no longer available.

A homeowners' insurance policy ensures that all salvaged items or parts will be repaired or replaced, or that it will return to the entire property if it's damaged or destroyed.

It can be stressful to file an insurance claim.No one should have to worry about whether they have the right homeowners insurance in case of a property fire, which can potentially disrupt your personal life or even your business. After a fire, always contact your insurance agent to find out what you need to do to avoid delay in your claim being processed. Additionally, maintaining your property can help prevent fires. Here, the experience of working with professional real estate agents can make a significant difference in navigating these challenging situations involving fire department interactions, insurance adjuster negotiations, and processing inspection documents for your claims. They can also help with the closing costs, lessening the hassle and providing benefits in resolving problems related to property damage and taxes.

Make sure to document all phone calls and emails with the insurance company. If you have been affected by a fire, ask your insurance agent for copies of all necessary documentation. You will also need to ask about any issues like fire damage, legal liability, and coordinate with the fire department to schedule an inspection to assess the damages for the claims process. Ensure proper maintenance of your property to reduce the risk of fires.

Fire restoration services require you to vacate the premises before paying any estimated costs. A fire that affects only one room of your house is less likely to cause as much damage as a fire that affects the entire house.

The median cost for fire restoration services is $4.50 - $6.50 per sq. ft. There is a cost associated with removing contaminated materials from land or buildings - this is reflected in the price per square foot of land. These costs will often impact your taxes and insurance premiums.

Yes! Some service providers offer emergency fire damage restoration. Since many types of fire damage require action to prevent even more destruction, emergency fire restoration technicians will help save personal belongings and  arrive at the scene no longer than 48 hours after the fire, seven days a week.

Fire damage can be a significant setback for homeowners.

You have to deal with the emotional trauma of a fire, but you also have to worry about the big financial implications for both your personal life and business.

If you are dealing with fire damage and you just want to sell your house to get the repair burden off you back feel free to contact us.